Intergenerational Transfers and Asset Inequality in Japan: Empirical Evidence from New Survey Data
This paper tries to quantitatively examine the impact of intergenerational transfers on asset inequality among Japanese households. For that purpose, we estimate an intergenerational asset transfer function with various control variables, using a unique micro dataset taken from the “Household Survey on Family Relationships, Employment, Retirement Payments, and Intergenerational Transfers of Assets and Education,” conducted by the Economic and Social Research Institute, Cabinet Office, Government of Japan. Employing three different models - a Tobit model, an interval regression model, and an ordered probit model - to ensure that our results are independent of the specific econometric approach used, we examine whether asset transfers received are correlated with households’ financial strength. We find that higher income households are likely to receive larger asset transfers. However, the contribution of intergenerational transfers to asset inequality appears to be quantitatively limited when measuring financial strength in terms of households’ life cycle wealth.
|Date of creation:||Mar 2012|
|Date of revision:|
|Contact details of provider:|| Postal: 2-1 Naka, Kunitachi City, Tokyo 186-8603|
Web page: http://cis.ier.hit-u.ac.jp/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- "Aso, Yoshibumi", 1998. "Intergenerational Transfer through Inheritance," Economic Review, Hitotsubashi University, vol. 49(4), pages 289-296, January.
- Thomas A. Barthold & Takatoshi Ito, 1992.
"Bequest Taxes and Accumulation of Household Wealth: U.S.-Japan Comparison,"
in: The Political Economy of Tax Reform, NBER-EASE Volume 1, pages 235-292
National Bureau of Economic Research, Inc.
- Thomas A. Barthold & Takatoshi Ito, 1991. "Bequest Taxes and Accumulation of Household Wealth: U.S.-Japan Comparison," Discussion Paper Series a233, Institute of Economic Research, Hitotsubashi University.
- Thomas A. Barthold & Takatoshi Ito, 1991. "Bequest Taxes and Accumulation of Household Wealth: U.S. - Japan Comparison," NBER Working Papers 3692, National Bureau of Economic Research, Inc.
- Lundholm, Michael & Ohlsson, Henry, 1999.
"Post Mortem Reputation, Compensatory Gifts and Equal Bequests,"
Research Papers in Economics
1999:1, Stockholm University, Department of Economics.
- Lundholm, Michael & Ohlsson, Henry, 2000. "Post mortem reputation, compensatory gifts and equal bequests," Economics Letters, Elsevier, vol. 68(2), pages 165-171, August.
- Lundholm, Michael & Ohlsson, Henry, 1999. "Post Mortem Reputation, Compensatory Gifts and Equal Bequests," Working Paper Series 1999:3, Uppsala University, Department of Economics.
- Lundholm, M. & Ohlsson, H., 1999. "Post Mortem Reputation, Compensatory Gifts and Equal Bequests," Papers 1999:3, Uppsala - Working Paper Series.
- Charles Yuji Horioka, 2009.
"Do Bequests Increase or Decrease Wealth Inequalities?,"
ISER Discussion Paper
0729, Institute of Social and Economic Research, Osaka University.
- Horioka, Charles Yuji, 2009. "Do bequests increase or decrease wealth inequalities?," Economics Letters, Elsevier, vol. 103(1), pages 23-25, April.
- Charles Yuji Horioka, 2009. "Do Bequests Increase or Decrease Wealth Inequalities?," NBER Working Papers 14639, National Bureau of Economic Research, Inc.
- Fumio Hayashi, 1986. "Why Is Japan's Saving Rate So Apparently High?," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 147-234 National Bureau of Economic Research, Inc.
- Dekle, Robert, 1989. "The unimportance of intergenerational transfers in Japan," Japan and the World Economy, Elsevier, vol. 1(4), pages 403-413, November.
- Kotlikoff, Laurence J & Summers, Lawrence H, 1981.
"The Role of Intergenerational Transfers in Aggregate Capital Accumulation,"
Journal of Political Economy,
University of Chicago Press, vol. 89(4), pages 706-32, August.
- Laurence J. Kotlikoff & Lawrence H. Summers, 1980. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc.
- Junya HAMAAKI & Masahiro HORI & Saeko MAEDA & Keiko MURATA, 2011. "An overview of the Survey of Family Relationship, Job Experience, Retirement Allowances, and Intergenerational Transfers (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 184, pages 143-179, January.
- David Campbell, 1997. "Transfer and Life-cycle Wealth in Japan, 1974–1984," The Japanese Economic Review, Japanese Economic Association, vol. 48(4), pages 410-423, December.
When requesting a correction, please mention this item's handle: RePEc:hit:cisdps:544. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Digital Resources Section, Hitotsubashi University Library)
If references are entirely missing, you can add them using this form.